Embracer Braces for Closures and Layoffs

Following a remarkable GT Interactive-style acquisition spree, an open letter on the Embracer Group Website from CEO Lars Wingefors indicates the party is over. After the reported recent collapse of a $2 billion deal comes word that studio closures and layoffs are on the way. Here's the bottom line:
The actions will include, but not be limited to, closing or divestments of some studios and the termination or pausing of some ongoing game development projects. It will also include decreased spending on non-development costs such as overhead and other operating expenses. We will reduce third party publishing and put greater focus on internal IP and increase external funding of large-budget games.